AUSTIN, Texas (AP) — Tesla delivered 310,000 vehicles in the first quarter, about 68% more than the same period in 2021, the company said Saturday.
However, the company’s sales were slightly below expectations, which expected Tesla to produce 312,000 cars, according to Wedbush Securities. But the sales surge came even as Tesla battled global shortages of computer chips and other parts.
The Austin, Texas, electric vehicle and solar panel maker announced its production and delivery results on Saturday. The old quarterly delivery record of 308,600 vehicles was set just one quarter ago, from October to December 2021. Tesla delivered 185,000 vehicles in the first quarter of last year.
The global shortage of computer chips has affected nearly every automaker, but Tesla appears to have dealt with the shortage better than the rest of the industry. Wedbush analysts said they believe 20,000 to 25,000 sales that would have occurred in the first quarter have now carried over to the second quarter due to supply and logistics issues.
“We remain strongly bullish on the Tesla story and believe that, factoring in all manufacturing headwind dynamics, this was a moderately bullish impression,” Wedbush analysts said in a note.
Last year, the company delivered a record 936,000 vehicles, an increase of 87% over the 2020 figures.
The company said in February that it expects 50% annual growth in sales, meaning it expects around 1.4 million vehicles to be delivered this year. But in a conference call with analysts, CEO Elon Musk said chip shortages would prevent the company from launching new models this year.
Earlier this week, Morgan Stanley analyst Adam Jonas wrote in a note to investors that he expected between 320,000 and 325,000 deliveries from January to March, more than most analysts.
“Given Tesla’s extraordinary supply chain pressures and continued significant price increases, we believe a path to (full-year) deliveries of more than 1.4 million units would be impressive, but in our opinion, it would be difficult to move stock in isolation,” Jonas wrote. .
Shares of Tesla closed Friday at $1,084.59.
The company opened its new factory in Germany late in the first quarter and last year began building the Model Y small SUV at a new factory near Austin, Texas.
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